The market for residential energy management will increase significantly over the next four years due to increased consumer demand and new government and industry initiatives, according to a new report by Parks Associates.
The number of U.S. households with a smart meter will grow to more than six million by 2012, according to the research firm’s project, Residential Energy Management: Opportunities for Digital Systems and Services. The report analyzes the market, current and future deployments, and consumer preferences.
“Over one million smart meters have been deployed in the U.S.,” says Bill Ablondi, director, home systems research, Parks Associates. “Utilities see the benefit of upgrading the grid, and consumers are growing more conscious of their energy consumption. Add in incentives from the government, and you have three strong drivers that will boost deployment and innovation in this market.”
More than one-half of U.S. households currently take steps to conserve energy. The impact of this consumer behavior has broad implications for multiple players, from appliance manufacturers to venture capitalists.
Looking forward, Ablondi says there will be opportunities for manufacturers in smart appliances, utilities investing in Smart Grid technologies, and start-ups developing innovative energy solutions.
